A surge of blockbuster takeovers and buyouts has provided renewed ammunition for the corporate bond market, supplying fresh kindling in what is already set to be a record year of debt issuance.

The backlog of M&A that had yet to be financed slid to $246B at the end of September from more than $900B in late 2015, according to BofA Merrill Lynch, but that figure has climbed 87% to $460B following the recent string of deal announcements.